U.S. and EU Collaborate to Reduce Asia's Dominance in the Global Semiconductor Market
💪🏼 U.S. and EU Collaborate to Reduce Asia's Dominance in the Global Semiconductor Market.
The U.S. and EU are taking steps to lessen Asia's stronghold on the global semiconductor market. With the shift of semiconductor manufacturing operations to major Asian countries, the U.S. and Europe have faced challenges in maintaining competitiveness. However, increasing demand for sophisticated semiconductors and supply chain disruptions have highlighted the need for the U.S. and EU to enhance their manufacturing capabilities in this critical technology sector. To address these concerns, Congress passed the CHIPS and Science Act, aiming to reduce reliance on Asian nations, stimulate innovation, and boost competition in the semiconductor market. The act provides incentives such as tax breaks, federal grants, and investments in research and development. Major multinational brands like Samsung and Intel have announced chip manufacturing locations in the U.S., while Europe has also been exploring legislation similar to the CHIPS Act, albeit at a slower pace.
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